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Once again, the price of Bitcoin rose bullishly, breaking through the $70,000 barrier, demonstrating strength for an upward movement.
Bitcoin At $82,000 Remains The Target
Following the recent recovery observed today, Crypto Jelle, a popular cryptocurrency expert and Bitcoin enthusiast, has made a bullish forecast for the crypto asset, citing the $82,000 level in the short term.
Crypto Jelle highlighted that after a fakeout, Bitcoin retested the cycle highs of 2021, bounced, and then broke out once more. According to the analyst, BTC now has just one more obstacle to surpass as a result of the retest.
Furthermore, he affirms that the race toward new highs will begin when the largest cryptocurrency asset manages to break and hold over $71,500. As a result, the crypto analyst anticipates a rally soon, placing the coin’s next target at around $82,000.
Jelle has addressed a pressing issue in the crypto community. He mentioned some are still concerned about the next 3% move, whereas the higher timeframe chart seems more optimistic. Thus, he has urged investors to be patient and hold onto their bags to enjoy the positive move, as the crypto asset appears to be poised for significant growth in the upcoming months.
With the impending halving event anticipated to occur this month, Jelle’s prediction could develop in a short period. Halvings have historically been seen to have a significant effect on the coin.
If this year’s halving mirrors past trends, BTC could surge to $82,000 in weeks and even further upward. Several analysts believe that the event could propel the price of BTC to $150,000 before the end of the year.
At the time of writing, Bitcoin was trading at $70,344, indicating a 1.84% increase in the past 24 hours. Both its overall market cap and trading volume have also risen by 1.87% and 13% respectively in the past day.
Speculated Price Target For BTC This Month
Ever since BTC witnessed a price recovery, many bullish predictions have surfaced concerning its next trajectory. Another analyst who has predicted BTC to reach above the $80,000 range is Adrian Zidanic.
During an episode on Thinking Crypto, Tony Edward the show’s host, drew attention to Zidanic’s prediction, in which the expert pointed out a bullish ascending triangle that is emerging in the Bitcoin chart within this consolidation phase.
Zidanic foresees a breakout occurring shortly, with $86,500 as his target price. Although his projections acknowledge a greater likelihood of a positive scenario unfolding within the month.
Examining the chart, Edward expressed his optimism that the aforementioned price could manifest post-halving. Edward believes it could move further to $90,000, underscoring his price range between $85,000 and $90,000 and urging the community to be patient.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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